⁍ Canada’s Agnico Eagle Mines reported a better-than-expected quarterly profit.

---

⁍ The company raised its capex forecast for the year as it spends on several sites to boost production.

---

⁍ Agnico now expects total capital expenditure for the year to range between $720 million and $740 million.

---

– Canada’s Agnico Eagle Mines Ltd. said Wednesday its third-quarter profit more than doubled as the gold price spiked. The company’s net income rose to $222.6 million, or 91 cents per share, from $76.6 million, or 32 cents per share, per Reuters. Analysts had expected a profit of 66 cents per share. Revenue rose to $980.6 million from $683 million. Agnico said average realized price for gold jumped about 29% to $1,911 per ounce in the reported quarter, while gold production rose over 3% to 492,693 ounces. The company, with operating mines in Canada, Finland, and Mexico, said it expects similar production levels in the current quarter and raised its quarterly dividend by 75%. Agnico now expects total capital expenditure for the year to range between $720 million and $740 million, higher than earlier forecast of $690 million, as it develops its Kittila mine in northern Finland, its first to open outside of Canada. The increased capital spending also includes development cost for its Amaruq underground project and Meliadine mine in Canada.